Shanghai Spot Copper Price Movement on Apr. 6

SMM Insight 01:17:01PM Apr 06, 2012 Source:SMM

SHANGHAI, Apr. 6 (SMM) –Quotations for spot copper discounts were between negative RMB 130-60/mt in Shanghai in the morning business Friday. Traded prices for standard-quality copper were between RMB 59,280-59,320/mt, and RMB 59,320-59,400/mt for high-quality copper. LME copper market was closed for Good Friday, and without guidance from LME copper prices, investors kept cautious. As SHFE copper prices rebounded slightly, spot copper supply decreased sharply, helping cargo-holders quote firm prices. Domestic copper smelters chose to withhold goods, hoping that spot copper discounts would narrow further in the coming week. Downstream producers, though, reduced purchases significantly following large stockpiling on the previous day, leaving market activity lackluster.
 

Shanghai Spot Copper Price Movement on Apr. 6

SMM Insight 01:17:01PM Apr 06, 2012 Source:SMM

SHANGHAI, Apr. 6 (SMM) –Quotations for spot copper discounts were between negative RMB 130-60/mt in Shanghai in the morning business Friday. Traded prices for standard-quality copper were between RMB 59,280-59,320/mt, and RMB 59,320-59,400/mt for high-quality copper. LME copper market was closed for Good Friday, and without guidance from LME copper prices, investors kept cautious. As SHFE copper prices rebounded slightly, spot copper supply decreased sharply, helping cargo-holders quote firm prices. Domestic copper smelters chose to withhold goods, hoping that spot copper discounts would narrow further in the coming week. Downstream producers, though, reduced purchases significantly following large stockpiling on the previous day, leaving market activity lackluster.